Primary Group Forms U.S. Distribution Team

May 14, 2004

Primary Group, a Bermuda-based insurance distribution company that has been developing its insurance business in the United States, has announced the formation of Primary Group Incorporated (PGI).

Creation of the new U.S. based holding company anticipates the acquisition of a number of U.S.- based companies in the coming months. Based in Annapolis, Maryland, PGI will operate solely in North America under the leadership of Charles Norton-Smith, president and chief executive officer.

Justin Tweedie, previously a Director of Heritage, the Lloyd’s of London Underwriting Agency, has joined the company as senior vice president.

The company said that Tweedie’s experience trading in the U.S. would advance PGI’s strategy to acquire wholesale businesses and attract partners in support of underwriting management and distribution activities within the states.

Tweedie will be responsible for the management and integration of businesses acquired, including the development and implementation of underwriting management and reporting systems. He will also manage North American reinsurance and insurance relationships.

The company also announced that Shilpa Khushalani would join Primary Group as vice president, responsible for managing acquisition activities. Shilpa, a CPA, most recently served with the mergers and acquisitions department of ADP in the New York offices.

Primary Group is a Bermuda-based international organization with annual insurance premiums approaching $1 billion (U.S.). Primary Group, established in 1997, has insurance operations in seven countries throughout Europe, the Middle East and the Far East, with more than 450 employees worldwide. (www.primarygroup.bm)

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